As continuing refinements in micro-miniaturization techniques have increased the component occupancy densities of printed circuit boards, misalignment and imprecise shaping or formation of component leads have become significant concerns of system manufacturers, particularly those employing surface mount devices such as narrow pitch leaded chip carriers. At present there are essentially two lead forming schemes--complex, high volume processor-controlled system designed to handle a large number of parts for repetitive high density manufacturing runs, and custom-tailored, low end devices dedicated for use with a limited number of specifically configured components. However, as diverse technology industries continue to employ larger numbers of electronic control and sensor equipment, board assembly manufacturers currently have a need for an intermediate level of surface mount component lead forming device that can be adapted for use with both automated (e.g. robotic) and customized manually adjustable assembly systems.